by Ethan Faverino | Aug 18, 2025 | Economy, News
By Ethan Faverino |
The One Big Beautiful Bill Act (OBBBA) marks the most transformative overhaul of federal tax policy since the 2017 Tax Cuts and Jobs Act (TCJA).
The OBBBA locks in the TCJA’s individual tax provisions, avoiding a tax increase for approximately 62% of tax filers in 2026, according to the Tax Foundation.
The group’s recent analysis also shows that the law will reduce federal taxes for individual taxpayers in every state, with an average national tax cut of $3,752 per taxpayer in 2026.
The economic impact is equally as big, with 938,000 new full-time equivalent jobs created over the long term, including 132,000 in California, 81,000 in Texas, and down to 1,800 in Vermont.
In Arizona, the Tax Foundation says that the OBBBA will deliver an average tax cut of $3,521 per taxpayer in 2026, providing relief to families and individuals across the state.
Maricopa County will see an average tax cut of $4,049 per taxpayer in 2026, driven by key provisions like:
- Income Tax Rate Cuts and Bracket Changes: $1,613 in savings per taxpayer.
- Standard Deduction Expansion: $821 in savings
- Child Tax Credit Expansion: $630 in savings
- Tip and Overtime Deductions: $50 and $229 in savings
- Business Provisions: $1,321 in savings
Other counties in the state will see major tax cuts in 2026, including Coconino County, with $3,096, Yavapai County, with $3,066, Greenlee County, with $3,011, Pima County, with $2,781, and Pinal County, with $2,553.
The Tax Foundation also projects that Arizona will gain approximately 18,014 full-time equivalent jobs in the long run, boosting local economies and supporting communities across the state.
OBBBA’s long-term outlook remains strong, with average tax cuts projected to dip to $2,505 in 2030 due to the expiration of temporary provisions like the tip and overtime deductions, before rising to $3,301 by 2035 as inflation enhances the value of permanent cuts.
Arizona’s business-friendly provisions, such as permanent 100% bonus depreciation and research and development (R&D) expense, will continue to drive investment and job creation.
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Aug 18, 2025 | Economy, News
By Jonathan Eberle |
Pittsburgh-based autonomous trucking company Aurora Innovation Inc. has officially opened a terminal in Phoenix, marking a significant step in the company’s efforts to expand its commercial footprint beyond Texas.
The newly operational site supports driverless freight runs, including nighttime operations, and is part of Aurora’s strategy to scale its autonomous vehicle network across the southwestern United States. The company confirmed that the Phoenix terminal opened in June and is already servicing commercial routes for two of its key partners: Hirschbach Motor Lines and Werner Enterprises.
This development follows Aurora’s earlier announcement, reported last fall, that it would extend its existing autonomous freight corridor — which previously connected Fort Worth and El Paso — to include Phoenix. The move marks Aurora’s first expansion outside of Texas and signals growing confidence in its driverless trucking technology.
While Aurora declined to provide the terminal’s exact location, a company spokesperson said it is situated a few miles from the Loop 202 and Interstate 10 interchange in Phoenix — a strategic logistics hub for commercial transport. Details on staffing at the terminal, including how many employees are currently working on site or whether they are permanently based in Arizona, were not disclosed.
The expansion comes as Aurora and its competitors in the self-driving freight sector race to commercialize their technology at scale. With rising demand for long-haul freight solutions and persistent driver shortages, autonomous trucking is increasingly being positioned as a critical innovation in the logistics industry.
Aurora has not yet announced additional expansion locations, but its continued growth outside of Texas suggests a broader national rollout may be on the horizon.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Aug 17, 2025 | Economy, News
By Jonathan Eberle |
Main Street confidence ticked upward in July, with the NFIB Small Business Optimism Index rising 1.7 points to 100.3, edging above its long-term average for the first time in months. The lift was driven largely by more owners reporting better business conditions and viewing it as a good time to expand.
The latest figures, however, paint a mixed picture. While sentiment improved, NFIB’s Uncertainty Index climbed eight points to 97, and labor quality has re-emerged as the top challenge, cited by 21% of owners, the highest share since early spring.
Survey results show growing confidence in day-to-day operations. Thirteen percent of owners rated their business health as “excellent,” up five points from June, and 52% said it was “good,” up three points. Reports of “fair” or “poor” conditions declined. Owners’ outlook on the economy also improved: the net share expecting better business conditions jumped 14 points to 36%, well above historical norms. Sixteen percent said it is a good time to expand, up from 11% last month.
Even with the improved outlook, sales remain a point of concern. Eleven percent named poor sales as their most pressing problem — the highest since February 2021. Inflation worries held steady at 11%, the lowest level since September 2021, though 28% plan to raise prices in the months ahead, a sign that cost pressures persist.
Worker shortages remain acute. Thirty-three percent of owners reported job openings they could not fill, the lowest since December 2020 but still well above average. Of those hiring, 84% said they had few or no qualified applicants. Plans to boost pay are cooling: 27% reported raising compensation in July, down six points, and 17% plan to do so in the next three months. Labor costs were named the top concern by 9% of respondents.
Capital investment showed modest improvement. Fifty-five percent of owners reported spending in the past six months, with the largest share buying new equipment. Still, plans for future capital outlays remain below long-term averages. Borrowing conditions are relatively stable, with only 4% saying their last loan was harder to get. Interest rate concerns remain low, though 25% of owners borrow regularly — a historically small share.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Aug 16, 2025 | Economy, News
By Ethan Faverino |
Congressman Andy Biggs (AZ-05) has introduced a resolution in the U.S. House of Representatives formally recognizing America’s escalating national debt as a direct threat to national security.
As the national debt surpassed $36.2 trillion in January 2025, with the fiscal year 2024 interest expense exceeding $1.13 trillion, Congressman Biggs is urging Congress to confront the growing fiscal crisis head-on.
The resolution highlights the severity of the debt crisis, noting that the total public debt reached 120.87% of GDP in January 2025, equating to $104,780 per citizen and $323,045 per taxpayer.
It points to the federal government failing to produce a balanced budget since 1997, with the fiscal year 2024 resulting in a $1.86 trillion deficit due to federal outlays of $6.94 trillion.
The resolution warns that continued reliance on raising the debt ceiling and bypassing regular order in the appropriations process undermines fiscal responsibility and congressional oversight.
The resolution also references warnings from former national security leaders, including Secretary of Defense James Mattis, Director of National Intelligence Dan Coats, and Chairman of the Joint Chiefs of Staff Michael Mullen, who have all emphasized the national debt’s threat to military and economic security.
Congressman Biggs, who has introduced this resolution in previous Congresses, remains steadfast in advocating for fiscal discipline. He has also proposed a balanced budget amendment to the U.S. Constitution to enforce long-term fiscal responsibility.
“The federal government’s wasteful spending spree is unsustainable and is inching us ever closer to a fiscal cliff,” said Biggs. “Our reckless spending habits will enable our adversaries to surpass us on the global stage and constrain our ability to defend our nation in the face of attack. It is past time for Congress to be serious about balancing the nation’s budget and making significant cuts to federal spending, lest we pin a $70 trillion debt on our children and grandchildren’s shoulders. Relying on continuing resolutions year after year is lazy legislating. Raising the debt ceiling every year is a cop out. American voters elected us to enact President Trump’s America First priorities through responsible budgeting, not to maintain the status quo. My resolution acknowledges that Washington has a spending problem and calls to restore regular order to the appropriations process.”
Congressman Biggs’ resolution and amendment are backed by cosponsors across the country, including Rep. Byron Donalds (R-FL), Rep. Paul Gosar (R-AZ), Rep Daniel Webster (R-FL), Rep. Dan Newhouse (R-WA), and Rep. Keith Self (R-TX).
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Ethan Faverino | Aug 14, 2025 | Economy, News
By Ethan Faverino |
Intel Corporation is under fire following its receipt of significant funding from the CHIPS and Science Act, followed by recent job cuts nationwide and hiring a new CEO with ties to the Chinese Communist Party (CCP).
In November of 2024, the U.S. Department of Commerce finalized $7.86 billion of taxpayer dollars to Intel under the CHIPS and Science Act to support semiconductor manufacturing and advanced packaging projects in Arizona, New Mexico, Ohio, and Oregon.
This funding, part of a broader $100 billion investment plan by Intel, was intended to boost U.S. semiconductor production, create thousands of jobs, and enhance national security by reducing reliance on foreign supply chains.
In Arizona, the award was expected to support the construction of two new fabrication plants and the modernization of an existing facility at Intel’s Ocotillo campus in Chandler, creating 3,000 manufacturing jobs and over 6,000 construction jobs.
However, Intel’s announcement in August 2024 of a global workforce reduction of approximately 15,000 jobs, including 400 at its Chandler facility, has raised concerns about the alignment of these cuts with the CHIPS Act’s goal of fostering U.S. job growth.
The layoffs, part of a $10 billion cost-cutting plan prompted after a $1.6 billion net loss in Q2 2024, face criticism as Intel continues to benefit from taxpayer-funded incentives.
President Trump addressed these concerns about national job loss and a new CEO, saying, “The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!”
This has gotten support from other GOP members across the country, with Senator Rick Scott following up, saying, “President Trump is right, Intel owes American taxpayers answers TODAY. Intel accepted tax dollars from the CHIPS Act, and instead of investing in America, they cut jobs in the U.S. and hired a CEO with a cozy relationship to the CCP. The CHIPS Act was intended to benefit America, not our adversaries. Intel should return every dime of this taxpayer funding IMMEDIATELY!”
Ethan Faverino is a reporter for AZ Free News. You can send him news tips using this link.
by Jonathan Eberle | Aug 12, 2025 | Economy, News
By Jonathan Eberle |
Lucid Group, the electric vehicle startup known for its luxury Air sedan, disappointed investors after missing second-quarter earnings expectations and trimming its production forecast for 2025.
The company reported $259.4 million in revenue for the quarter ending June 30, falling short of Bloomberg’s $262.4 million consensus estimate. While that figure marked an improvement over the $200.6 million recorded a year ago, Lucid posted a larger-than-expected adjusted loss of $0.24 per share and an adjusted EBITDA loss of $632.1 million.
Gross margins fell by 21%, which Lucid attributed to tariffs. The company ended the quarter with $4.86 billion in liquidity, a closely watched metric as it continues to burn cash. Production guidance for 2025 was revised to between 18,000 and 20,000 vehicles, down from the 20,000-target set earlier this year. In the April–June period, Lucid produced 3,863 vehicles and delivered 3,309, bringing its first-half totals to 6,075 units produced and 6,418 delivered.
For much of its short history, Lucid’s lineup consisted solely of the Air sedan. The automaker has recently begun ramping up production of the Gravity SUV, though early output has been modest. Fewer than 1,000 units were built in the first quarter, most of which went to Saudi Arabia, home to Lucid’s largest investor, the Saudi Public Investment Fund.
In 2016, the Arizona State government made a deal with Lucid to open operations in Arizona. At that time, the Arizona Republic reported that the company could receive as much as $46.5 million in taxpayer subsidies over time. The company’s primary manufacturing facility remains in Casa Grande, Arizona.
In July, Lucid announced a partnership with Uber to supply 20,000 battery-electric vehicles for a planned robotaxi service over the next five years.
Lucid’s near-term sales outlook also faces headwinds from the expected expiration of the U.S. federal $7,500 EV tax credit on Sept. 30. To bolster its stock price, the company plans a 1-for-10 reverse stock split, which would lift shares to roughly $10 based on current valuations and help avoid the risk of trading below $1. Shares of Lucid (LCID) fell nearly 2% following the earnings announcement.
Jonathan Eberle is a reporter for AZ Free News. You can send him news tips using this link.
